Business News

Apr 09, 2019

8:40AM

RBI issues norms for banks to set up currency chests

File Pic: PTI

Reserve Bank of India(RBI) has come out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room.

The RBI said that the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. It added that for those situated in the hilly/ inaccessible places, capacity should be 2.1 lakh pieces of banknotes per day.

Earlier, a RBI appointed committee had recommended that the apex bank should encourage banks to open large currency chests with modern facilities and Chest Balance Limit (CBL) of at least Rs 1,000 crore.